The ultimate student summer savings plan

The months leading up to college can be expensive. Between buying dorm supplies, paying for orientation, and squeezing in summer fun, it’s easy to spend more than you save. But the summer before college is also the perfect time to build good financial habits and start working toward a student summer savings plan that can ease the transition into campus life. 

Set a summer savings goal 

Start with a clear savings goal. Think about what you’ll need when the school year starts: textbooks, dorm essentials, meals, and transportation. Use our short-term savings calculator so you know how much to save each month until you start school. Whether your goal is $1,000 or $5,000, having a target helps you stay focused and motivated. 

Track your spending habits 

Understanding your spending habits is key to saving more. Review your recent bank statements to spot trends — maybe you’re spending more than expected at the grocery store, or frequently eating out. Small expenses add up quickly, especially during summer break when routines are looser. 

Once you know where your money is going, create a simple budget. Prioritize essentials, cut out unnecessary purchases, and leave some room for fun so you can enjoy summer without overspending. 

Pro tip: The Empeople Financial Success Center has valuable courses and calculators, including budgeting basics, renting an apartment, and managing debt. Visit the Teen Center for even more resources! 

Open and use a savings account 

A savings account is one of the most effective tools for summer savings. If you don’t have one already, open an account that offers no fees and earns interest, like a high-yield savings account. Use it strictly for your college fund. Set up automatic transfers from your checking account after every paycheck or allowance, so saving becomes a habit, not an afterthought. 

Keeping your savings separate from your daily spending account can also help reduce the temptation to dip into your funds. 

Earn extra cash with summer work 

The most direct way to build your savings is by bringing in extra cash. Take on a part-time job, internship, or gig that works with your summer schedule. Babysitting, tutoring, freelance projects, or food service jobs can all help you reach your summer savings goal. 

Even if you’re working just a few days a week, set a rule to save a certain percentage — like 50 percent of each paycheck. That way, you’re building your savings while still enjoying the rest. 

Be smart about summer spending 

Summer spending can add up quickly — especially with trips, concerts, and outings with friends. Choose low-cost or free activities when you can. A day at the beach or a local hike can be just as fun as a pricey event. 

At the grocery store, shop with a list and stick to it. Avoid pre-packaged snacks and take advantage of store brands and weekly sales. Every small choice helps when you’re trying to save money. 

Use credit cards wisely 

If you already have credit cards, treat them with caution. Don’t rely on them to cover gaps in your budget. Charging expenses you can’t pay off right away will only lead to debt that follows you into college. 

Instead, use credit only when you know you can pay it off in full. This builds your credit history while keeping your student summer savings intact. 

Monitor progress and adjust 

Check your progress weekly. Review your bank statements, assess how much is in your savings account, and make adjustments to your plan if needed. If you’re falling short of your goal, consider picking up extra shifts or tightening your budget in a few areas. 

Building a solid student summer savings plan takes a little discipline, but it pays off in peace of mind. By understanding your spending habits, working toward a savings goal, and making smart decisions during summer break, you’ll be better prepared for college life — both financially and mentally. 

Use this summer to create lasting habits, grow your savings, and step onto campus feeling confident and in control.